Crypto Exchange Upbit Gets Suspension Notice from South Korean Regulator
South Korea’s Financial Intelligence Unit (FIU) is moving to suspend Upbit for failing to meet anti-money laundering (AML) obligations and violating KYC standards.
- If confirmed, the suspension will prevent Upbit from accepting new customers for up to six months.
- The suspension also comes as Upbit's business license, renewed in October 2024, is under review by regulators.
- Upbit is facing potential fines of up to 100 million won per violation for failing to properly implement KYC procedures.
In a major regulatory crackdown, South Korea’s top regulatory body is working on issuing a suspension order to the country’s largest crypto exchange Upbit. This development comes alleging that the exchange failed to meet anti-money laundering (AML) obligations, including the violation of its customer identification system (KYC).
As per the latest report on Thursday, January 16, sources familiar with the matter stated that the Financial Intelligence Unit (FIU) of the Financial Services Commission issued a notice to Upbit last week.
Is it the end of the Hive pump and dumps?